According to Blockworks, this week may be the week for Ethereum spot ETF decision. Prior to this, industry observers doubted whether the SEC was ready to approve such a fund, however, Bloomberg analysts raised the probability of SEC approval from 25% to 75%. Ethereum rose to more than $3,500 by 5 p.m. on Monday, up about 14% on the day.
A person familiar with the Ethereum spot ETF application told Blockworks that “conversations are ongoing.” However, an SEC spokesperson declined to comment.
Bloomberg analysts hinted that regulatory attitudes could change given that cryptocurrencies have become a political issue in recent days and weeks. Donald Trump promised to be a pro-cryptocurrency president if he returns to the White House in the upcoming election. Then, last week, 12 Democratic senators joined Republicans in passing a resolution to overturn the SEC's Staff Accounting Bulletin (SAB) 121. The move could indicate that more Democrats hope to win over pro-cryptocurrency voters like Republicans.
However, industry observers have suggested several reasons why they believe the SEC may not be ready to allow an Ethereum spot ETF to begin trading.
